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Looking for Best Health insurance policies from LIC?

Jagrity Sharma Jagrity Sharma 16 August 2019
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LIC provides financial protection against unforeseen medical conditions. If you are looking for health insurance particularly from LIC, then Jeevan Arogya and Cancer Cover are the best plans for you.

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The cost of healthcare in the country has increased significantly, thanks to the ever-growing demand for medical services. Having a health insurance policy comes in handy at the time of medical emergencies. In the absence of a health insurance policy, you have to use funds from your savings in case of medical emergencies. This not only impacts your financial health, but also leaves you financially drained. A suitable health insurance policy protects you against exorbitant medical expenses. Insurance companies in India, offer a wide range of health insurance policies with several features and benefits to choose from.

LIC is the most trusted and dominant life insurance company in the country, which provides financial security when it comes to health and life insurance. LIC’s health insurance plans focuses on providing adequate financial cover against sickness at a reasonable cost. The company offers two types of health insurance policies, namely LIC Jeevan Arogya and LIC Cancer Cover.

LIC’s Jeevan Arogya

Eligibility criteria of LIC health insurance – Jeevan Arogya

Coverage forMinimum entry ageMaximum entry age
You and/or spouse18 years65 years
Your parents and/or parents-in-laws18 years75 years
Your children91 days17 days

Features of LIC health insurance - Jeevan Arogya

  • Financial protection is provided in case of hospitalisation, surgery, etc.
  • Provides flexible benefit limit to choose from
  • Insured adult members are covered till the age of 80 and children till the age of 25.
  • Increasing health cover each year
  • Flexible premium payment option
  • The plan offers no-claim benefit
  • A lump sum benefit is offered, irrespective of the actual medical expenses occurred.

Benefits of LIC health insurance – Jeevan Arogya

  • Daily hospital cash is paid up to Rs. 4000, where a minimum of 24 hours of hospitalisation is required. The policy provides annual benefit period up to 30 days in the first policy year. The coverage is extended up to 90 days of annual benefit per year from the second year onwards.
  • Due to accidental illness or injury, if the policyholder undergoes a surgery within the policy term, then this benefit is paid as per the respective benefit percentage. Major surgical benefits are provided up to Rs. 4 lakhs. The coverage is limited up to a maximum of 100 times of the daily hospital cash benefits. It covers up to 140 major surgeries.
  • The policy covers day care procedure benefits up to five times of daily hospital cash benefit. The benefit is covered up to three Surgical Procedures in a policy year and 24 Surgical Procedures during the policy term.
  • The policy covers other surgical benefits up to twice the daily hospital cash benefit in case of hospitalisation of more than 24 hours. The benefit is payable when the policyholder undergoes a surgery other than those included in major surgical benefits. The maximum coverage provided is up to 15 days in the first policy year. The coverage is extended up to 45 days per year after that.
  • Ambulance benefit of up to Rs. 1000 will be provided, in case major surgical benefit fails at any event.
  • If major surgical benefits fail in any event, the total annualised premium will be waived off.
  • 5% of the Initial Daily Benefit in respect of each insured is payable if no claims are made during the policy term.

LIC’s Cancer Cover

Features of LIC health insurance – Cancer Cover

LIC's cancer cover is a disease specific health insurance policy that provides financial protection, if the policyholder is diagnosed with any of the cancer stages during the policy period.

Eligibility criteria for LIC Cancer Cover

Minimum entry age20 years
Maximum entry age65 years
Minimum policy term10 years
Maximum policy term30 years
Minimum age at maturity50 years
Maximum age at maturity75 years

Features of LIC health insurance – Cancer Cover

  • The policy covers early and major stage cancer
  • The policy offers two benefit options: Level sum insured and Increasing sum insured
  • Policyholders need to make regular premium payments
  • The waiting period is 180 days

Benefits of LIC health insurance – Cancer Cover

Early-stage cancer: Benefits are paid on the first diagnosis of any of the early-stage cancers listed in the policy document.

Lumpsum benefit: 25% of the applicable sum insured is payable as a lump sum benefit.

Premium waiver benefit: Premiums for the next 3 policy years or balance policy term, whichever is less, shall be waived off following the date of diagnosis.

Major stage cancer: Benefits are paid on the first diagnosis of the major stage cancers specified by the company.

Lump sum benefit: 100% of the sum insured minus any earlier paid claims is payable at this stage.

Income benefit: 1% of the sum insured is payable as an income benefit on each policy month following the lump sum payment for a fixed period of 10 years, irrespective of the survival of the policyholder. The income benefit is paid even if the period of 10 years goes beyond the policy term. In case the policyholder dies during the term of income benefit, the remaining pay outs are paid to the nominee.

Premium waiver benefit: All future premiums will be waived off following the date of diagnosis. The insurance cover shall be free from all liabilities, except the income benefit.

Why should you buy LIC health insurance?

  • LIC health insurance offers not only individual plan, but also family health insurance plan to cover your entire family under one umbrella.
  • The health insurance covers almost all types of surgeries.
  • The plan offers no claim bonus.
  • The health insurance from LIC offers additional accident benefit rider and new term assurance rider.
  • You can purchase and renew the plan online.
  • The health insurance premiums paid towards LIC health insurance plans are eligible to receive income tax benefits under Section 80D of the Income Tax Act, 1961.

Medical emergencies come unannounced. To avail the best healthcare facilities without a financial burden, you need a health insurance policy. Buying health insurance is no longer an option, but has become a dire necessity. It will ensure that you get appropriate medical treatment on time. You must take note that insurance premiums will increase as you grow older. It is recommended to act early if you want to invest in a health insurance policy. LIC has designed a health insurance policy to protect your finances if any unforeseen medical emergencies arise. LIC health insurance plans offer higher coverage at affordable premiums, making it easy for you to avail the benefits of health insurance.

Recommended: 5 Important Things You Should Know About Health Insurance Policies

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Jagrity Sharma
Written by Jagrity Sharma
A bibliophile who hates alliterations, but loves cream, comics and content immensely! On another note, a content marketer who leverages the power of words to explain...almost anything!